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500 Startups' Australia accelerator program is axed by its partner before it even launched

Tech Crunch | Posted By : Lokesh Raiyani|7 months ago |3 Views

Tech Crunch

500 Startups continues to feel the impact of a sexual harassment scandal involving its co-founder and former managing partner Dave McClure. Two weeks after the closure of its Canada-based fund, its maiden venture in Australia is getting the chop before it even began.

The relationship had certainly gotten tense over the past month, since McClure resigned from 500 Startups in early July after a number of women came forward with sexual harassment allegations against him.Â LaunchVic put the firm â€œon noticeâ€ last month after it was kept in the dark over the claims against McClure, who had traveled to Australia to front the launch of 500 Melbourne despite the fact that he had taken a back seat at the firm following an internal investigation into the claims.

LaunchVic said it wanted to see a â€œchange in cultureâ€ at the firm if the project was to go ahead, butÂ the final straw seems to have been the resignation of 500 Melbourne head Rachael Neumann. Neumann quit the firm because she believes that â€œthis is simply not the right time for 500 to launch in Australia.â€

She explained on Twitter that she had traveled to the U.S. to meet with 500 Startupsâ€™ leadership over its Australia plan, but following discussions made a decision to leave.

â€œWhile I am deeply disappointed at how this has ended, I feel confident inÂ LaunchVicâ€™s strong course of action over the past month to give 500 Startups an opportunityÂ to show leadership to improve culture in the startup sector and fix the issues at hand,â€Â LaunchVic CEO Dr Kate Cornick said in a statement.

â€œUnfortunately, as weâ€™ve expressed to 500 Startups, that without Rachael Neumann at the

helm we donâ€™t believe it will work,â€ Dr Cornick added.

â€œ500 strongly believes in the future of the Australian tech sector, but now is not the right time to move forward with this new partnership. We look forward to future opportunities down the road,â€ a spokesperson for 500 Startups said via email.

The dissolving of the partnership wonâ€™t impact LaunchVicâ€™s overall budget. AÂ representative of the organization clarified to TechCrunch that theÂ grant of over $2 million that it originally pledged to 500 Melbourne will not be allocated to the project or 500 Startups itself.

LaunchVic will instead use the grant to develop a different accelerator project that it emphasized would be focused on the â€œlocalâ€ startup community.